20% Upper Circuit: Recently Listed Stock Soars After Reporting 292% PAT Growth in Q4

Synopsis: The shares of this firm surged 20 percent after strong Q4 FY26 results, driven by higher occupancy, margin expansion, and robust cash flow improvement, reflecting strong demand.

The share of this company, which is a leading global real estate provider that operates premium, flexible coworking and shared workspaces, gained investor traction after posting strong Q4 numbers.

With a market capitalization of Rs 7,957 crore, Wework India Management Ltd’s shares on Thursday made a day high of Rs 585 per share, up by 20 percent from its previous day’s close of Rs 487.50 per share. The share of the company gave a negative return of 7.74 percent since its listing in October 2025.

Results overview

QoQ View: The revenue from operations grew by 9.8 percent to Rs 696.1 crore in Q4 FY26 from Rs 634.1 crore in Q3 FY26, and EBITDA grew by 12.5 percent to Rs 469.5 crore in Q4 FY26 from Rs 417.2 crore in Q3 FY26. This was accompanied by a net profit growth of 292.9 percent to Rs 66.0 crore in Q4 FY26 from Rs 16.8 crore in Q3 FY26.

YoY View: The revenue from operations grew by 29.1 percent to Rs 696.1 crore in Q4 FY26 from Rs 539.4 crore in Q4 FY25, and EBITDA grew by 30.7 percent to Rs 469.5 crore in Q4 FY26 from Rs 359.2 crore in Q4 FY25. This was accompanied by a net profit growth of 79.3 percent to Rs 66.0 crore in Q4 FY26 from Rs 36.8 crore in Q4 FY25.

Fiscal Year Comparison: The revenue from operations grew by 25.2 percent to Rs 2,440.2 crore in FY26 from Rs 1,949.2 crore in FY25. Annual EBITDA grew by 23.7 percent to Rs 1,623.8 crore in FY26 from Rs 1,312.7 crore in FY25, with the EBITDA margin sitting at 65.2 percent compared to 64.9 percent in the previous year.

This was accompanied by an annual net profit of Rs 74.9 crore in FY26 compared to Rs 128.2 crore in FY25, with the PAT margin compressing to 3.0 percent from 6.3 percent in FY25.

Q4 Business performance

Strong Operational Scale and Network Expansion: WeWork India Management Limited expanded its operational footprint to 8.6 million square feet across 76 centres in 8 cities. Committed portfolio rose to 11.6 million square feet, up 39 percent YoY, supported by strong leasing momentum and healthy enterprise-led demand.

Occupancy, Member Growth and Demand Strength Portfolio occupancy reached an all-time high of 86.9 percent, with mature centres at 88.9 percent. Member base expanded 31 percent YoY to 110,200, while operational desk capacity grew 15.8 percent YoY, indicating demand growth significantly outpacing supply additions across centres.

Cash Flow Strength and Balance Sheet Improvement: FY26 free cash flow from operations stood at Rs 585.5 crore, up 44.3 percent YoY, enabling a shift to a net cash positive position of Rs 11.7 crore from net debt of Rs 215.3 crore. Borrowing costs reduced by 225 bps to 8.5 percent, with credit rating upgraded to A+. ROCE improved to 28.3 percent for FY26 and 45.1 percent in Q4 exit rate.

About the Company

Launched in 2017, WeWork India Management Limited is India’s leading premium flexible workspace operator and has been the largest operator by total revenue for the past three fiscal years. The Company operates 76 centres across 8.6 million sq ft in 8 cities – Bengaluru, Mumbai, Gurugram, Pune, Hyderabad, Chennai, Noida and New Delhi – serving over 110,000 members across Fortune 500 companies, global capability centres, enterprises and startups.

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